CALL TO
ORDER |
The regular meeting of the Board of Trustees of the Oxnard Union High School District Retiree Health Benefits Trust was called to order by Board Chair Scott Lee at 2:00 p.m., January 20, 2006, in the Oxnard Union High School District Board Room, 309 South K Street, Oxnard, California 93030. |
|
Trustees present: Scott Lee, Wayne Edmonds, Jan Henry, Eric Ortega, Roger Rice and Vicki Holmbolm
Trustee absent: None
Legal Counsel present: Laura McAvoy (arrived at 3:15 p.m.)
Legal Counsel absent: Anthony Trembley
Recording Secretary present: Grace D. Tuazon.
Guests present: Jim Rose, OFT President, Dr. Jody Dunlap, OUHSD Superintendent, Steven Gama, OUHSD Director-Risk Management, Michael Laven & Debashis Chowdhury-Canterbury Consulting, Inc., and other interested persons. |
PLEDGE OF
ALLEGIANCE |
OFT President Jim Rose led the Pledge of Allegiance.
|
ADOPTION OF AGENDA |
On motion of Trustee Rice, seconded by Trustee Henry and carried, the agenda was adopted, as presented. Items were then considered in the order in which they appear in these minutes. |
ADOPTION OF MINUTES |
On motion of Trustee Ortega, seconded by Trustee Henry and carried, the minutes of the regular meeting of November 4, 2005, was approved, as presented. |
AUDIENCE TO ADDRESS THE BOARD |
Jim Rose, OFT President, encouraged the board to approve Action Item 2, letter requesting new contributions to the Trust from the Oxnard Federation of Teachers and OUHSD. |
APPROVAL OF INVOICES |
Upon motion of Trustee Ortega, seconded by Trustee Edmonds and carried, payment to Allplaces in the amount of $ 250.00 was approved for payment, as presented. Trustee Lee abstained.
Upon motion of Trustee Holmbolm, seconded by Trustee Henry and carried, invoice from Nordman, Cormany, Hair & Compton in the amount of $ 666.40 was approved for payment, as presented.
Upon motion of Trustee Edmonds, seconded by Trustee Rice and carried, invoice from Musick, Peeler & Garrett LLP in the amount of $ 3,430.70 was approved for payment, as presented.
Upon motion of Trustee Ortega, seconded by Trustee Rice and carried, invoice from Vance, Thrift & Biller LLP in the amount of $ 675.00 was approved for payment, as presented. |
APPROVAL OF CONTRIBUTION LETTER |
Upon motion of Trustee Rice, seconded by Trustee Holmbolm and carried, letter requesting new contributions, to the Trust from Oxnard Federation of Teachers and Oxnard Union High School District, subject to agreed upon contribution amount during the budget meeting, was approved, as presented. |
INFORMATIONAL ITEMS
Investment Performance Review |
Michael Laven and Debashis Chowdhury of Canterbury Consulting, Inc. gave the fourth quarter performance report. Mr. Chowdhury summarized the investment portfolio and indicated that there is a 7 percent increase in the portfolio. He also reported that the stock market is down 5 percent, and the bond market up 2.5 percent. Mr. Chowdhury reported that the Euro Pacific international market out performed the domestic market in the past 3 years. Mr. Laven gave a brief highlight of IronBridge Capital Management LLC., |
INFORMATIONAL ITEMS
Investment Performance Review (Continued)
OUHSDRHBT Website
Actuarial Report
Retirement Count
Financial Statement: September 30, 2005
CSEBO
City National Bank
Open Comments |
indicating that it is a well diversified Manager with nearly 100 stocks in their portfolio. Mr. Laven made a recommendation for reallocation of the Trust portfolio.
After several discussions, it was moved by Trustee Holmbolm, seconded by Trustee Rice and carried to replace Rice Hall James S/Mid Cap Fund with Frontegra IronBridge SMID Fund.
It was further moved by Trustee Holmbolm, seconded by Trustee Ortega and carried to replace Washington Mutual with John Hancock Classic.
Trustee Lee reported that the Trust website is up and running.
Mr. Gama reported that the Oxnard Union High School District Administrative Staff should have already received the Actuarial Report. Mr. Gama will follow-up on the status of the report.
This item was tabled for the next meeting.
Total liabilities and net assets - $20,343,346.
Steven Gama, Director of Risk Management, reported that as of November 30, 2005, the Estimated Income and Expense Report of the Coastal Schools Employee Benefits Organization (CSEBO) balances are as follows: Select Care Medical - $ 2,312,307.08; Dental - $ 112,989.25; Medical Eye Services - $175,430.08.
Board Chair Lee reported that as of December 31, 2005, the City National Bank Investments account shows an ending balance of $ 20,699,908.12. Board Chair Lee also reported that as of December 30, 2005, the City National Bank Money Market account shows an ending balance of $ 46,362.09.
Trustee Henry reported that the next CSEBO meeting would be held on February 16, 2006. |
ITEMS FOR FUTURE CONSIDERATION |
- Medicare Part D Update
- Retirees Count Update
- Actuarial Report Update
|
FUTURE MEETINGS |
Friday, March 24, 2006 – 2:00 p.m., in the Oxnard Union High School District Board Room |
PUBLIC COMMENTS
REGARDINGCLOSED SESSION ITEM |
There were no public comments. |
CLOSED SESSION |
Board Chair Lee announced the Board was going into closed session to discuss confidential materials relating to:
- Conference With Legal Counsel--Potential Litigation; Significant Exposure To Litigation Pursuant to Government Code Section 54956.9(b): 1 case (PVSD Unification)
|
RECONVENE IN PUBLIC: REPORT
OF CLOSED SESSION ACTION |
The Board reconvened in open session at 4:25 p.m., and announced that no action had been taken. |
ADJOURNMENT |
There being no further items of business, Board Chair Lee adjourned the meeting at 4:30 p.m. |
|
